ScrappleFace: Vatican Spins Off U.S. Catholic Church

"(2004-04-20) -- In one of his first official moves, Pope Benedict XVI today announced that the Vatican would "spin off" the U.S. division of the Roman Catholic church, but retain a 49-percent stake in the new entity, called R.C. Lite."

Personally I was pulling for "New Church", or "Passover Coke" or something.